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Fiji Time: 8:17 AM on Tuesday 23 September

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$1578m in foreign reserves

Ropate Valemei
Saturday, December 08, 2012

FOREIGN reserves remain comfortable and are around $1578million, says the Reserve Bank of Fiji.

Reserve Bank of Fiji governor and chairman Barry Whiteside said this was sufficient to cover five months of retained imports.

This was revealed after the monthly board meeting at the end of last month at which the board agreed to maintain the Overnight Policy Rate (OPR) at 0.5 per cent.

In this regard, the Reserve Bank will continue to monitor the level of foreign reserves closely and align policies accordingly to ensure it remains at adequate levels.

Mr Whiteside said the adverse impact from the further slowdown in global economic activity has partly resulted in a slightly weaker growth forecast for 2012 and 2013.

"Overall, growth in these years are envisaged to be broad-based with the Fiji economy now projected to grow this year by 2.5 per cent, below the earlier 2.7 per cent growth forecast before picking up to 2.7 per cent growth next year," he said.

Mr Whiteside said the year-end inflation forecast remained at around 3.5 per cent with possible downward movement in the remaining months.

He said the upbeat investment and consumption activities were supported by attractive interest rates and higher household income

And this is expected to be upheld next year following the recent incentives announced by the government through the 2013 National Budget.


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